The company recorded increases in total assets and revenues, but also increases in non-performing assets, net charge-offs and provisions for credit losses. The acquisition of BankRI influenced the quarter’s results.

The bank’s net income was $6.3 million, or $0.09 fully diluted earnings per share, for the quarter ended March 31, 2012.

These results dropped 13 percent from last year’s first quarter net income of $7.3 million, or $0.12 fully diluted EPS, and the net income for the fourth quarter 2011 of $7.1 million, or $0.12 fully diluted EPS.

Net earnings from operations were $10.3 million, or $0.15 per fully diluted share, after adjustment for merger-related expenses of $4.0 million, after taxes, associated with the BankRI acquisition.

Total revenues of $47.2 million increased 57.4 percent as compared to the last quarter of 2011, driven by 53.0 percent growth in net interest income and 141.1 percent growth in other fee income.

These results reflect increases in average commercial real estate loans, commercial loans and consumer loans, according to the company.

The bank’s total assets increased to $4.9 billion with the acquisition of BankRI, an increase of 59.5 percent from the first quarter of 2011 and 47.8 percent from Dec. 31, 2011.

Non-performing assets at March 31, 2012 totaled $14.6 million, an increase from $8.8 million at Dec. 2011. Net charge-offs were $522,000, or 0.05 percent of average loans and leases, for the first quarter 2012 compared to net charge-offs for the first quarter 2011 of $706,000, and $267,000 in the fourth quarter 2011.

The provision for credit losses was $3.2 million for the first quarter 2012, compared to $1.1 million in the first quarter 2011 and $0.8 million in the fourth quarter 2011.

The change in the provision for credit losses was primarily due to provisions on newly originated loans and leases at Bancorp Rhode Island.

The acquisition of BankRI influenced the results quite heavily.

The loan and lease portfolio grew to $3.9 billion as of March 31, 2012, an increase of $1.4 billion, or 55.9 percent, from March 31, 2011 and $1.2 billion, or 44.6 percent, from Dec. 31, 2011.

Growth was driven primarily from commercial real estate and commercial loan and lease organic growth, and the addition of $1.2 billion in loans and leases from Bancorp Rhode Island.

Total deposits were $3.5 billion at March 31, 2012, up 63.3 percent from March 31, 2011 and 53.6 percent from Dec. 31, 2011.

Transaction deposit trends remained positive with growth of 87.2 percent from March 31, 2011., again driven by BankRI.

“We have already begun to capitalize upon the Bank Rhode Island acquisition and, looking forward, we remain enthusiastic about the growth opportunities in our respective marketplaces and our capacity to deliver on an expanded suite of products and services,” he added.

The Company’s Board of Directors approved a dividend of $0.085 per share. The dividend will be paid on May 25, 2012, to shareholders of record on May 11, 2012.

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